This Week

After a one-day dalliance with a rising price, the national average for a gallon of gas resumed its steady retreat, shedding six cents since last week to $3.18. The main reason is a weaker cost for oil, which is struggling to stay above $70 per barrel.  The falling price comes just a week after OPEC+ announced voluntary production cuts of about 2 million barrels daily.  Instead of viewing it as coal in the stocking, the oil market response has thus far been a resounding “meh.”

In Oklahoma, the gas average is $2.73 today, down three cents in the last week and nine cents lower than one year ago. Today’s national average of $3.18 is 22 cents less than a month ago and 14 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.21 to 8.47 million b/d last week. Meanwhile, total domestic gasoline stocks increased significantly by 5.4 million bbl to 223.6 million bbl. Despite low gas demand, supply growth has helped push pump prices lower. If oil prices remain low, drivers can expect pump prices to do the same during the holiday season.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

12/08/23

Week Ago

Year Ago

National

$3.18

$3.24

$3.32

Oklahoma

 $2.73

 $2.76

$2.82

Oklahoma City

$2.61

$2.69

$2.84

Tulsa

$2.50

$2.57

$2.64

Le Flore-Sequoyah

$2.82

$2.91

$2.87

Crude Oil

$71.19 per barrel (12/08/23)

$74.07 per barrel (12/01/23)

$71.02 per barrel (12/09/22)

The nation’s top 10 least expensive markets: Texas ($2.68), Mississippi ($2.72), Oklahoma ($2.73), Missouri ($2.75), Louisiana ($2.75), Arkansas ($2.78), Kansas ($2.83), Alabama ($2.84), Tennessee ($2.85) and Iowa ($2.87).  

The Weekend

At the close of Wednesday’s formal trading session, WTI decreased by $2.88 to settle at $71.19. Oil prices dropped yesterday due to market concerns that lackluster demand could continue to push supply up while prices slide through the remainder of 2023. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 4.7 million bbl to 445 million bbl last week.

“Historically, crude oil tends to drop nearly 30 percent from late September into early winter with gasoline prices trailing the play,” said Rylie Fletcher, AAA Oklahoma spokesperson. “More than half of all US fuel locations have gasoline below $3 per gallon. By the end of the year, the national average may dip that low as well.”

AAA has a variety of resources to help motorists save on fuel:

 

About AAA:
AAA provides automotive, travel, and insurance services to more than 64 million members nationwide and more than 400,000 members in Oklahoma.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  AAA is a non-stock, membership corporation working on behalf of motorists, who can map a route, find local gas prices and electric vehicle charging stations, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android.  For more information on joining or renewing a Membership, visit www.AAA.com.

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